Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET

Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET

Daily HodlDaily Hodl2024/11/30 16:00
By:by Henry Kanapi

A closely followed crypto analyst believes Dogecoin ( DOGE ) is in a solid position to ignite fresh moves to the upside.

Pseudonymous analyst Rekt Capital tells his 517,400 followers on the social media platform X that DOGE looks bullish as it trades within an ascending triangle pattern.

The technical structure is often viewed as a bullish continuation pattern, suggesting that the asset is consolidating prior to a new upside burst.

Says Rekt,

“If this indeed turns out to be an ascending triangle on Dogecoin, then memecoins could enjoy another round of money flow. Needs a daily close above the pattern top ($0.43) to confirm a breakout.”

Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET image 0 Source: Rekt Capital/X

At time of writing, DOGE is trading for $0.432, slightly above the pattern’s horizontal resistance.

Looking at the broader memecoin market, Rekt says that the popular crypto sector is starting to regain bullish momentum.

“Recently, altcoins have been breaking old resistances and turning them into new support.

But memecoins have recently been losing supports teasing turning them into resistances.

But the way memecoins are rallying now, they may be reclaiming these supports.” 

Turning to the interoperability blockchain Polkadot ( DOT ), the trader highlights that it needs to flip a key resistance level into support to have a shot at witnessing more rallies.

“Polkadot has performed a weekly close above the black $8.60 resistance.

Now in the process of retesting this level into new support.

In 2021, this retest led price to new all-time highs.

But earlier this year, we saw a failed retest and saw price sink to 2023 lows.

DOT needs this retest to be successful to rally higher and a monthly close above black would increase chances for further upside.” 

Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET image 1 Source: Rekt Capital/X

At time of writing, DOT is trading for $8.85.

The last altcoin on the trader’s radar is the artificial intelligence (AI)-focused Artificial Superintelligence Alliance ( FET ). The analyst says FET also needs to convert a previous resistance level into support to sustain its rallies.

“Price will need to turn the upcoming $1.77 resistance (red) into support, much like back in March 2024.” 

Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET image 2 Source: Rekt Capital/X

At time of writing, FET is worth $1.88.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix


Generated Image: DALLE3

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!